1997 (11) TMI 52 - HC - Wealth-tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessees, partners in a firm, allowing exemption for their shares in the property held by the firm under section 5(1)(iv) of the Wealth-tax Act, 1957. The court held that partners have a specific interest in the firm's assets and are entitled to the exemption, rejecting the Revenue's argument that the property belonged to the firm. The decision was influenced by previous case law supporting the partners' right to claim the exemption.